Multifamily

The-Shops-at-Aspen-Creek-broken-arrow-oklahoma

The Signorelli Co. to Begin Construction on The Reserve at Aspen Creek

by Haisten Willis April 5, 2016

BROKEN ARROW, OKLA. — The Signorelli Co. has begun construction of The Reserve at Aspen Creek, a 240-unit apartment complex in Broken Arrow expected to open in early 2017. The community will be the residential component of The Shops at Aspen Creek, a 400,000-square-foot shopping, dining and entertainment destination planned to include multiple restaurants and stores in addition to multifamily residences. The entertainment anchor is the 16-screen Warren Theatre, which opened in 2015. Tulsa-based Architects Collective designed the apartments. Trinity Multifamily, which acquired the 13-acre site in 2014, will manage the apartment community. The Reserve at Aspen Creek will consist of 20 buildings with amenities including a saltwater pool, gazebos and fire pits, workout facilities and a business center. The interiors will feature stainless steel appliances and granite countertops.

April 5, 2016

Landmark-Southpark-apartments-austin-texas

Oden Hughes Sells Two Apartment Communities in Austin to IMT Capital

by Haisten Willis April 5, 2016

AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has sold two Class A apartment communities in Austin to IMT Capital, a private Los Angeles-based real estate investment and management firm. Oden Hughes developed, built and managed both properties, known as Landmark Southpark and Lenox Parkview, near the southwest corner of South First Street and Slaughter Lane. The 285-unit Landmark Southpark community opened in 2013. Lenox Parkview, which also has 285 units, opened last year immediately south of Landmark Southpark and north of the 344-acre Mary Moore Searight Metropolitan Park. Both properties offer one-, two- and three-bedroom apartments near I-35 and Southpark Meadows. IMT Capital maintains an office in Austin where it owns several properties including the Riata in northwest Austin near Apple Inc.’s new Americas Operations Center.

April 5, 2016

Loans Multifamily Texas

NXT Capital Provides $17.6M Loan for Apartment Community in Metro Dallas

by Haisten Willis April 5, 2016

BEDFORD, TEXAS — NXT Capital has provided a $17.6 million first mortgage loan to finance the acquisition of a 272-unit, Class B apartment community in Bedford. Located 10 miles northeast of the Dallas/Fort Worth International Airport, amenities at the property include two swimming pools and picnic areas. Michael Cosby in the Dallas office of HFF arranged the loan through NXT Capital.

April 5, 2016

Mixed-Use Multifamily Northeast

Cignature Realty Brokers $23M Sale of Mixed-Use Building in Manhattan

by Amy Works April 5, 2016

NEW YORK CITY — Cignature Realty Associates has arranged the sale of a mixed-used building located at 1616 Amsterdam Ave. in Manhattan’s Hamilton Heights neighborhood. Sugar Hill Capital Partners sold the 58,810-square-foot to a private investor for $23 million. The seven-story building features 54 apartment units and ground-level retail space, including a grocery/deli, coffee shop, Laundromat and Mexican restaurant. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the transaction.

April 5, 2016

Multifamily New York Northeast

Westbridge Realty Negotiates $1.8M Sale of Development Site in Brooklyn

by Amy Works April 5, 2016

NEW YORK CITY — Westbridge Realty Group has brokered the sale of two vacant buildings, located at 1269-1271 Dekalb Ave. in Bushwick. A local developer acquired the two properties for $1.8 million, or $212 per buildable square foot. The parcel offers 8,736 buidable square feet of residential space, as of right. The buyer plans to demolish the existing structures and construct a luxury condominium on the site. Steven Westreich and Hen Vaknin of Westbridge Realty Group represented the buyer and undisclosed seller in the off-market transaction.

April 5, 2016

Loans Multifamily Northeast Vermont

BMC Capital Secures $1.1M Loan for Multifamily Property in Vermont

by Amy Works April 5, 2016

SOUTH BURLINGTON, VT. — BMC Capital has arranged a $1.1 million loan for the cash-out refinance of a multifamily property located in South Burlington. The non-recourse loan features a 4.51 percent fixed rate for seven years, two years of interest-only payments and a 30-year amortization schedule. Brian Gramlich of BMC Capital’s Dallas office arranged the loan through one of BMC Capital’s correspondent agency relationships for the undisclosed borrower.

April 5, 2016

Loans Multifamily Seniors Housing Southeast Tennessee

Berkadia Provides $68.8M Freddie Mac Financing for Seniors Housing Portfolio

by John Nelson April 5, 2016

CHATTANOOGA, TENN. — Berkadia has originated $68.8 million in financing for a portfolio of eight seniors housing communities operated by Morning Pointe, a Chattanooga-based developer and operator. The portfolio totals 474 units in Lexington and Frankfort, Ky.; Knoxville, Tenn.; and Johnson, Ind. Morning Pointe plans to use the funds to fund future development across the Southeast. Berkadia’s Marcus Lyons, director, and Chris Fenton and David Oakley, managing directors, managed the transaction through Freddie Mac. Berkadia is a New York City-based lender specializing in Fannie Mae, Freddie Mac and HUD loans in the commercial real estate sector.

April 5, 2016

Georgia Multifamily Southeast

McShane Construction to Build Apartment Community in Metro Atlanta

by John Nelson April 5, 2016

FAIRBURN, GA. — South City Partners has selected McShane Construction Co. to build The Oakley Apartments in Fairburn, roughly 13 miles from Hartsfield-Jackson Atlanta International Airport. The 308-unit property will feature units with granite countertops, stainless steel appliances, vinyl plank and ceramic tile flooring and washers and dryers. Community amenities will include a fitness center, on-site leasing and management building, beach entry swimming pool, fire pits, outdoor grills and pavilions, bocce ball court, sand volleyball court, dog park and walking paths. McShane Construction plans to complete the project in August 2017. Dallas-based Womack + Hampton Architects LLC is providing architectural services for the development.

April 5, 2016

Illinois Midwest Multifamily

Sedgwick Properties Breaks Ground on 60-Unit Luxury Apartment Building in Chicago

by Christina Cannon April 5, 2016

CHICAGO — Sedgwick Properties has broken ground on a 60-unit luxury apartment building in Chicago’s Old Town neighborhood. The seven-story building is slated for completion in the spring of 2017. The apartment property will be located at 1325 N. Wells St. and offer one-, two- and three-bedroom units that will range from 601 square feet to 1,400 square feet. Unit amenities will include custom cabinetry, quartz countertops, stainless steel appliances, plank flooring, in-unit washers and dryers and private balconies. Apartment amenities will include a rooftop plaza and pool, outdoor kitchen, fire pit, fitness center, community room, demonstration kitchen, bicycle storage, heated parking and valet dry cleaning service. The development will also include 1,800 square feet of ground-floor retail space.

April 5, 2016

Iowa Midwest Multifamily Seniors Housing

CareTrust REIT Acquires Skilled Nursing Facility in Iowa for $5M

by Christina Cannon April 5, 2016

CEDAR FALLS, IOWA — CareTrust REIT Inc. has acquired Cedar Falls Health Care Center, an 82-bed skilled nursing facility in Cedar Falls, for $5 million. CareTrust will lease the community to a subsidiary of Trillium Healthcare Group LLC on a triple-net basis. The purchase price includes estimated transaction costs. Initial annual rental revenue to CareTrust is approximately $483,000, and the master lease carries a remaining term of 14.5 years with two five-year renewal options and CPI-based rent escalators.

April 5, 2016

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